颖通控股(06883.HK)发布公告，公司拟全球发售3.33亿股股份，其中香港发售股份3334.00万股，国际发 售股份3.00亿股，另有5001.00万股超额配股权。招股日期为6月18日至6月23日，最高发售价3.38港元， 每手买卖单位1000股，入场费约3414.09港元。 全球发售预计募资总额为10.30亿港元，募资净额9.50亿港元，募资用途为用于发展及扩大公司的直销渠 道；用于进一步发展公司的自有品牌及收购或投资外部品牌；用于提升本集团的知名度及声誉；用于营 运资金及一般企业用途；用于加速数字化转型。 颖通控股预计于2025年6月26日在主板上市，法国巴黎证券（亚洲）有限公司、中信证券(香港)有限公 司为联席保荐人。 公司主营业务为按2023年零售额计，我们是中国(包括中国香港及中国澳门)最大的香水品牌管理公司。 我们拥有庞大且多元化的标志性品牌组合，不仅包括香水，还包括彩妆、护肤品、个人护理产品、眼镜 及家居香氛。我们在香水方面于中国(包括中国香港及中国澳门)取得领先地位，乃因我们悠久的经营历 史，我们在这些市场的香水行业中获得了广泛知识，并积累了相关专业知识及丰富的资源来管理及推广 无数国际香 ...

Core Viewpoint - The company, Ying Tong Holdings, is set to launch an IPO from June 18 to June 23, 2025, offering 333 million shares with a price range of HKD 2.80 to HKD 3.38 per share, aiming to raise approximately HKD 950 million for various growth initiatives [1][4] Group 1: Company Overview - Ying Tong Holdings is the largest fragrance group in China (including Hong Kong and Macau) excluding brand owners, with a significant focus on sales and distribution of third-party branded products [1] - The company has a diverse product portfolio that includes fragrances, cosmetics, skincare, personal care products, eyewear, and home fragrances, leveraging its extensive operational history and expertise in the fragrance industry [1][2] Group 2: Sales and Distribution Network - The company operates a comprehensive sales and distribution network across over 400 cities in China, with more than 100 directly operated offline points of sale (POS) and over 8,000 POS operated by retail customers [2] - The company utilizes both offline and online sales channels, including major e-commerce platforms and social media, to enhance consumer experience and meet diverse consumer needs [2] Group 3: Brand Partnerships - The company has established long-term partnerships with numerous brand licensors looking to enter or expand in the Chinese market, distributing products for 72 external brands, including high-end names like Hermès and Chopard [3] - The company holds exclusive or sub-licensing rights for 61 of these brands, which strengthens its competitive advantage and reflects brand licensors' trust in the company [3] Group 4: Use of IPO Proceeds - Assuming a mid-point offer price of HKD 3.09 per share, the estimated net proceeds from the global offering will be approximately HKD 950 million, allocated as follows: 15% for developing proprietary brands, 55% for expanding direct sales channels, 10% for digital transformation, 10% for enhancing brand reputation, and 10% for working capital [4]

公司介绍，与品牌授权商保持长期稳定的关系，品牌组合中大部分首次引入中国（包括香港及澳门）市 场，并在该地区从零开始立足。例如，公司与全球知名香水及化妆品的设计、制造及分销公司 InterParfums合作超过30年，InterParfums亦是公司于往绩记录期内各财政年度的前五大供应商之一。自 2014年起，公司一直是日本高端护肤品牌Albion在香港的唯一本地运营商。公司与领先的国际品牌授权 商的长期业务关系使得公司能够策划标志性品牌及具有吸引力的产品。 公司的产品通过多个渠道接触消费者，包括社交媒体平台及电商平台等线上销售渠道，以及商场、百货 店、旅游零售商及连锁化妆品专卖店等线下销售渠道。截至2025年3月31日，公司经营逾40家精品店。 截至同日，公司的产品于中国（包括香港及澳门）400多个城市拥有超过8000个线下销售点。除了线下 渠道外，集团还在多个电商平台及社交媒体平台经营网店，包括天猫、天猫国际、京东、京东国际、小 红书、抖音及微信。截至2024年5月31日，集团经营着30多家网店。目前，集团的消费者管理计划有着 超过200万名消费者会员。 业绩方面，2022财年（截至2023年3月31日止1 ...

Core Insights - High-end perfume brands are shifting their marketing strategies from traditional counters to immersive exhibitions, creating a deeper cultural dialogue with consumers [2][5][13] Group 1: Exhibition Trends - Perfume exhibitions have evolved from mere product displays to immersive "olfactory theaters" that blend scent, light, and storytelling [3][5] - These brand-led exhibitions serve as platforms for commercial promotion, cultural dissemination, and artistic creativity, transforming brands into tangible value symbols [5][11] Group 2: Historical and Artistic Representation - The exhibitions encapsulate the historical narratives of brands, allowing consumers to experience the brand's journey in a sensory and immersive manner [5][11] - For instance, the Penhaligon's exhibition showcased 155 years of history, highlighting the founder's evolution from barber to royal perfumer through various artifacts [7] - Guerlain's exhibition featured a "time corridor" displaying portraits and original works from five generations of perfumers, illustrating nearly two centuries of fragrance history [9] Group 3: Multi-Sensory Experiences - Brands are focusing on creating immersive artistic experiences, such as Aesop's "Threshold of Reality" exhibition, which uses sand and stone to represent the passage of time and life cycles [10] - Cross-disciplinary artistic expressions are also prominent, as seen in Guerlain's collaboration with IRCAM to create a sensory symphony that translates fragrance layers into sound [10][11] Group 4: Consumer Engagement and Emotional Resonance - The exhibitions aim to foster emotional connections with consumers, moving from product-centric to experience-centric narratives [13][21] - For example, the "Become____" installation by Ushopal combined tarot and personality tests to help consumers find personalized fragrances, enhancing emotional engagement [16][20] Group 5: Cultural Integration and Interaction - The integration of diverse cultural elements in exhibitions, such as Penhaligon's collaboration with Chinese shadow puppetry, allows for a unique cultural resonance and avoids didactic historical narratives [13][14] - The use of interactive installations, like the "wishing well" and sensory engagement zones, encourages emotional responses and personal connections to the brand [18][19] Group 6: Challenges and Consumer Feedback - Despite the popularity of perfume exhibitions, there are criticisms regarding the consumer experience, such as lack of clear product labeling and content depth [21] - Brands must continuously refine their exhibition strategies to enhance consumer engagement and satisfaction [21][22] Group 7: Strategic Recommendations - Successful perfume exhibitions should integrate multi-sensory experiences, historical storytelling, and artistic expression to build consumer trust and brand loyalty [22][23] - The balance of historical, artistic, cultural, interactive, and communicative elements is essential for maximizing the impact of perfume exhibitions [23][35]

Core Viewpoint - Ying Tong Holdings Limited is preparing for its IPO on the Hong Kong Stock Exchange, facing challenges in the evolving perfume market where international brands are increasingly opting for direct operations rather than relying on distributors like Ying Tong [1][2]. Company Overview - Ying Tong is one of the earliest companies to sell international perfumes in China, having established partnerships with over 72 brands, including high-end luxury names like Hermès and Van Cleef & Arpels [2][4]. - The company has a diverse product range, including perfumes, skincare, cosmetics, and eyewear, with a wide price range from entry-level to luxury products [4][23]. Market Position and Performance - As of March 31, 2023, Ying Tong's products are sold in over 400 cities across Hong Kong, Macau, and mainland China, through more than 100 directly operated points of sale and over 8,000 retail customer-operated points of sale [4]. - The Chinese perfume market is experiencing rapid growth, with a market size of RMB 20.7 billion in 2023, a year-on-year increase of 22.5%, and is expected to reach RMB 51.5 billion by 2029 [9][11]. Financial Performance - Ying Tong's revenue from perfumes for the fiscal years ending March 31, 2023, 2024, and 2025 is projected to be RMB 1.504 billion, RMB 1.524 billion, and RMB 1.688 billion, respectively, indicating a steady growth trajectory [5]. - The company has been generous in dividend payouts, distributing a total of RMB 631 million over three years, which has significantly impacted its cash flow [28]. Challenges and Risks - The company faces increasing competition as many luxury brands are choosing to manage their own perfume lines, leading to a decline in the operational power of distributors like Ying Tong [12][21]. - Ying Tong has a significant number of contracts expiring soon, with 22 brands' contracts set to expire within a year, raising concerns about potential revenue loss [18][19]. - The operational model of relying on brand partnerships is under pressure, as many brands are moving towards direct management, which could lead to a loss of key clients for Ying Tong [17][21].

近日，颖通控股有限公司（下称"颖通控股"）通过港交所主板上市聆讯。作为一家中国香水品牌管理公 司，颖通控股手握Hermès、Van Cleef & Arpels、Chopard等国际大牌授权。若成功上市，颖通控股将成 为"中国香水第一股"。 根据招股书披露，颖通控股此次IPO募集资金将主要用于以下方面：进一步发展自有品牌，以及收购或 投资外部品牌；发展及扩大直销渠道，包括扩展拾氛气盒门店以及其他自营门店/专柜；加速数字化转 型，主要通过升级数字化CRM系统、中台系统以及财务及运营系统；提升企业知名度及声誉。 香水业务占比超八成，高度依赖品牌授权 二次递表，通过港交所上市聆讯 颖通控股首次递表时间为2024年7月18日，因招股书满6个月失效后，于2025年2月7日更新材料重新提 交，联席保荐人为法国巴黎银行和中信证券。期间，公司于2025年3月28日获得中国证监会境外发行上 市备案通知书，最终于6月9日通过港交所主板上市聆讯，离正式挂牌交易仅一步之遥。 公开资料显示，颖通控股主营业务包括品牌授权产品的销售与分销，以及市场部署服务，其业务起源可 追溯至1987年，创始人刘巨荣从代理国际香水品牌起步，逐步发展为涵盖 ...

Core Viewpoint - The company, Ying Tong Holdings, is set to become the first publicly listed perfume company in Hong Kong, with its IPO process underway and backed by BNP Paribas and CITIC Securities as joint sponsors [1][2]. Company Overview - Ying Tong Holdings, established in 1987, is the fourth largest perfume group in mainland China, with a market share of approximately 8.1% as of 2023 [2][3]. - The company's product portfolio includes perfumes, cosmetics, skincare products, personal care items, eyewear, and home fragrances, with perfume sales projected to generate revenue of 1.687 billion yuan in the fiscal year 2025, accounting for 80.9% of total revenue [2][3]. Business Strategy - The company employs a dual strategy focusing on brand product distribution and market deployment services, facilitating global brands' entry and expansion in the Chinese market [6][9]. - Ying Tong Holdings has established a comprehensive sales network covering over 400 cities in China, with more than 100 self-operated offline sales points and over 8,000 retail points [6][9]. Financial Performance - Revenue is expected to grow from 1.699 billion yuan in 2023 to 2.083 billion yuan in 2025, representing a compound annual growth rate (CAGR) of 10.7% [7][8]. - Net profit is projected to increase from 173 million yuan in 2023 to 227 million yuan in 2025, with a CAGR of 14.5% [7][8]. - The gross profit margin has remained stable at around 50.3% during the same period [7][8]. Market Trends - The Chinese perfume market is experiencing significant growth, with retail sales expected to rise from 26.1 billion yuan in 2023 to 47.7 billion yuan by 2028, reflecting a CAGR of approximately 12.8% [16][17]. - Consumer perception of perfumes is shifting from luxury items to everyday products, driven by rising disposable incomes and increased brand investments in the Chinese market [9][16]. Challenges and Risks - The company faces challenges related to rising costs, as the cost of goods sold is projected to grow at a CAGR of 12.05%, outpacing revenue growth [11][12]. - There is a risk of "disintermediation" as international brands increasingly establish direct sales channels, which could impact the company's market position and bargaining power with suppliers [13][15]. - The company plans to use funds raised from its IPO to expand its own brand offerings and enhance digital capabilities to mitigate these risks [15].

6月9日，据港交所披露，历经2次递表后，颖通控股有限公司（下称"颖通控股"） 通过港交所上市聆讯，距离挂牌 交易 仅差临门一脚。这预示着，"中国香水第一股"即将诞生。 2次递表，预计最晚今年9月可敲钟 公开资料显示，颖通控股前身是一家以香水品牌管理起家的香港本土企业，由曾任国泰航空总舱务长的刘钜荣创 立。早在1987年，颖通控股就获得授权，在中国内地分销来自法国巴黎的某进口香水品牌产品。 在此后的38年发展中，颖通控股引入及管理的品牌数量也与日俱增，并成长为一家中国美妆香水和眼镜行业的全渠 道品牌管理公司，为品牌提供品牌咨询与市场营销、全渠道策略与管理、用户洞察与运营、创意与视觉、仓储与物 流等服务。 截自颖通控股聆讯后资料集 据了解，颖通控股旗下管理包括香水、彩妆、护肤品、眼镜及家居香氛等在内的多样化的标志性品牌组合。截至 2025年3月31日，该公司管理的外部品牌的数目为72个，包括了Hermès、Van Cleef & Arpels、Chopard、Albion、 Laura Mercier等国际知名品牌。 在颖通管理的外部品牌中，有52个品牌包含了香水业务；16个品牌包含了洁面乳、润肤霜、精华、面霜、 ...

Group 1: IPO Approvals - Five companies have successfully passed the IPO hearing on June 9-10, including Yaojie Ankang, Yingtong Holdings, Saint Bella, Xiangjiang Electric, and Cao Cao Mobility [1] - Two companies, Guangzhou Yinnuo Pharmaceutical Group and Shenzhen Chuangzhixin Lian Technology, have submitted their IPO applications [12][13] Group 2: Yaojie Ankang - Yaojie Ankang is a biopharmaceutical company focused on developing innovative therapies for tumors, inflammation, and cardiovascular metabolic diseases [1] - The company's core product, Tinengotinib, is a multi-target kinase inhibitor currently undergoing two pivotal clinical trials for cholangiocarcinoma [2] Group 3: Yingtong Holdings - Yingtong Holdings is the largest perfume group in China (including Hong Kong and Macau) excluding brand owners [3] - The company operates a comprehensive sales and distribution network across over 400 cities in China, leveraging both offline and online channels [4] Group 4: Saint Bella - Saint Bella is a leading postpartum care and recovery group in China, aiming to become a comprehensive family care brand in Asia [6] - The company is recognized as the largest postpartum care group in Asia based on revenue from maternity centers [7] Group 5: Xiangjiang Electric - Xiangjiang Electric is a manufacturer of household appliances in China, primarily operating under ODM/OEM models [8] - The company ranks as the tenth largest in the kitchen small appliances sector in China, with a market share of 0.8% [8] Group 6: Cao Cao Mobility - Cao Cao Mobility is a ride-hailing platform incubated by Geely Group, operating in 136 cities as of December 31, 2024 [10] - The company's total gross transaction value (GTV) reached RMB 12.2 billion in 2023, reflecting a 37.5% increase from 2022 [10] Group 7: Guangzhou Yinnuo Pharmaceutical - Guangzhou Yinnuo Pharmaceutical focuses on developing therapies for diabetes and metabolic diseases, with a core product targeting type 2 diabetes [12] - The company has a pipeline that includes several candidates in clinical and preclinical stages [12] Group 8: Shenzhen Chuangzhixin Lian Technology - Shenzhen Chuangzhixin Lian is a leading provider of metallization interconnect plating materials and key process technologies in China [13] - The company is recognized as the largest domestic supplier of wet process plating materials in the Chinese market [13]

根据弗若斯特沙利文的资料，按 2023年香水零售额 计算 ，颖通集团是中国除品牌所有者香水集团 外最大的香水集团 以及 中国 第 三大的香水集团。在中国内地香水市场前五名香水集团中，颖通集 团是 2023年唯一的非品牌所有者香水集团。 此外，颖通集团的香水品牌组合中，有七个品牌跻身 2023年中国内地香水零售额排名前30名的香水品牌之列。 中国除品牌所有者香水集团外最大的香水集团以及中国第三大的香水集团。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， Eternal Beauty Holdings Limited （ 颖通控股有限公司 ，以下简称 " 颖通 集团 "）日前已通过港交所聆讯并于6月9日披露通过聆讯后的资料集， 法国巴黎银行和中信证券担 任联席保荐人。 最早可追溯至 1987年的颖通集团专注于管理全球的香水、护肤品、彩妆、个人护理产品、眼镜及家 居香氛品牌，销售的产品主要来自主要位于欧洲、日本及美国的品牌授权商。截至2025年 5 月 31 日，颖通集团管理 Hermès、Van Cleef & Arpels、Chopard、Al ...